I Have A Realtor That Wants To Buy My Property By Using Louisian Bond For Deed

How Safe Is This? Should I Proceed? Will I Get Money Up Front,or When Property Is Sold?

Hello F:

I think you need to visit a real estate attorney.

excon

I agree you should consult an attorney. The Bond for Deed is similar to a contract for sale (see Louisiana's Bond for Deed (http://www.meocpa.com/bonddeed.html)). You retain ownership until payment in full is made. What those payments are would be negotiated between you (another reason you need an attorney).

This actually is safe for you because if the realtor defaults, you still own the property, and get to keep all he paid. The risk on your part is in damage to the property.

You can actually sell your property to ANYONE whom you feel can make the payements to keep your property from foreclosure. It is sort of like a rent to own or lease option, the person makes payments to your mortgage company directly and papers are files at the court house, so when they do finally pay it off the deed goes to the new owners...

Hope this helps...